The Tiger International-backed startup acquired a extreme jolt to its enterprise in July 2022 when the Reserve Financial institution of India (RBI) shut down credit score strains on pay as you go playing cards, its mainstay at that cut-off date. The corporate nonetheless managed to develop its topline primarily by way of its private mortgage product and partly by way of the funds providing.
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In Might 2022, Slice raised a $50 million fairness spherical from Tiger International which pushed its valuation to $1.4 billion. Until date, Slice has raised $342 million in enterprise funding.
Amongst its main price gadgets, Slice reported a large leap in worker prices because the startup expanded its power considerably within the final fiscal. Its worker prices for FY23 shot as much as Rs 287 crore from round Rs 99 crore. Its total bills went as much as Rs 1,272 crore from Rs 542 crore a yr earlier. Whereas the corporate didn’t reply to queries on its financials, a Slice spokesperson commented on the deliberate merger with the small finance financial institution.
“The upcoming improvement represents a big step within the banking sector and is a testomony to the upcoming change on the horizon for the trade. Whereas we acknowledge the challenges this journey will current, our focus stays steadfast on long-term objectives,” the spokesperson mentioned.
Slice owns a non-banking finance firm (NBFC) licence by way of its subsidiary entity Quadrillion Finance, which is presently within the strategy of merging with North East Small Finance Financial institution. Slice founder Rajan Bajaj is already a board member within the financial institution.
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ET reported on December 18 that Slice is looking out for $100 million in an fairness spherical primarily to fund its banking operations. It just lately appointed Satish Kumar Kalra, beforehand a high government at Andhra Financial institution, because the chief government officer of North East Small Finance Financial institution.